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How To Maximize Your Nonprofit Insurance

By Heather Brown
June 10, 2015
Insurance can be expensive especially when you are working with a limited budget. It is more so expensive for nonprofit organization because of the limited funding they have. However there are ways to make insurance for nonprofits work for you.

First make sure you research on what coverage you are expecting as a nonprofit organization. Bear in mind that you have limited funds and you need a plan that will work out in a long term setting while minimizing losses. Your insurance provider should offer services that minimize risk exposure and are customized to suit your organizations needs. You need to do an extensive research before applying for insurance. Your insurance provider should provide extensive cover for liabilities such as:

  • Insurance that compensates workers
  • Property insurance for your building and everything inside and around it
  • Medical cover for workers and volunteers
  • Vehicle and auto insurance for damaged property, the drivers and also injured party
  • Insurance against sexual harassment and abuse claims.
  • In case your organization makes and sells products you can get a product liability
  • Insurance covers for officers and directors
  • An abuse liability for organization dealing with children or senior citizens who are highly vulnerable
  • Insurance cover for cyber liability.

Secondly Ensure that your insurance provider offers an all under one umbrella services that include insurance products, risk management catalogues and free support services like ,safety training, crisis management kits, basic first aid training and free risk analysis. This will end up saving your organization tons of money. Funding is a big challenge and it is important to implement a plan that minimizes losses. Forget that inadequate insurance that gives you limited cover it exposes you to risks that might contribute to the down fall of your organization.

An insurance for nonprofits that provides training services for your employees, members and volunteers might seem expensive but it will equip your team with skills that in the long run will save you a lot of law suits and money. You end up saving the money that you would have used in hiring professionals to provide training services. For those whose nonprofit organization helps more than one cause can merge the causes by having the insurance provider cover both cause but cover them as one organization. For example if your organization deals with abused women and teenage pregnancy have them registered under one wide policy.

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